For Subscribers / Guarantors (IN01), there is a new element for MemberClass which is a string with a max of 50 characters.
The help for this is “This information is only required if the company has elected to keep it’s register of members’ information on the public record and the company has more than one class of members.”
Assuming the above is true (i.e. it is a conditional element), what text am I to enter here?
This element is not repeated for each class of share/guarantee they hold, i.e. it follows the Subscriber/Guarantor’s details which are only outputted once.
It can’t be the Share Class name, as that is already outputted directly below it in the ShareClass element within the Shares element.
Using an example of Joe Bloggs who has shares in two share classes (‘Ordinary A’ and ‘Ordinary B’)
The Subscriber element is outputted once for Joe Bloggs, and as the MemberClass element is also part of this element, it is not repeated.
The actual Share class names (i.e. ‘Ordinary A’ and ‘Oridinary B’) are each repeated via. the Shares element.
We still don’t see what we can enter within the MemberClass element, especially around subscribers section.
Maybe we are misunderstanding what this does?
We can potentially see how the Guarantors element “could” support MemberClass, i.e. the entire Guarantors element is repeated for each for each Guarantee Class they hold, and so we could differentiate the Class that way. However, for subscribers this doesn’t make sense, as you only out this information once, and not for each share class they have shares in.
We are also wondering this. Could you provide examples of the MemberClass in use for both a private company and a guarantee company. I am unsure as to what information would be expected?